#Shibainu and Bone #ShibaSwap have seen enormous price increases in the previous seven days as the Shibarium debut approaches
The market indicators and on-chain analytics provided by #SHIB highlighted what was working in its advantage.
#Shibarium 's enthusiasm was partly to blame for things going bullish.
Shiba Inu [SHIB] has decoupled from the cryptocurrency market, with both its daily and weekly charts turning green. Unlike other cryptocurrencies, SHIB managed to increase in value during a bad market. The next ETH Toronto event, which will feature information about its much-hyped Shibarium, might be a trigger for this expansion.
Although the majority of the cryptocurrency market remained under the bears' control, Shiba Inu dissociated. According to CoinMarketCap, the price of SHIB has increased by more than 5% and 10% in the previous 24 hours and week, respectively.
It was trading at $0.000008651 at the time of writing, with a market value of nearly $5.1 billion, making it the 14th biggest cryptocurrency.
Together with the price, SHIB's 24-hour trading volume increased by 34%, which was positive. A peek at SHIB's daily chart revealed more about what fueled this increase.
A few days ago, the Exponential Moving Average (EMA) Ribbon showed a #bullish crossing. Moreover, Shiba Inu's Relative Strength Index (RSI) increased.
SHIB's Chaikin Money Flow (CMF) also increased and surpassed the neutral level.
Surprisingly, whale activity surrounding SHIB surged as well, as seen by a jump in its whale transaction count. Moreover, statistics from Whalestats indicated that the memecoin was the most traded token among the top 100 Ethereum whales in the previous 24 hours.
The memecoin's MVRV Ratio grew as a result of the price rise. Nonetheless, given SHIB's great popularity, a drop in social volume was unexpected. For the previous several days, the measure has dropped.
As a result, there is a chance that SHIB's price movement may become negative in the coming days.
As SHIB experienced price increases, BONE ShibaSwap [BONE] also experienced price increases. In the weekly chart, BONE beat SHIB. According to CoinMarketCap statistics, BONE has increased by more than 23% in the previous week. It was worth $1.65 at the time of publication, with a market valuation of more than $379 million.
The Shibarium craze
Whilst SHIB's recent advance might be ascribed to favorable market indications and analytics, the approaching event should also be given appropriate credit. The Ethereum Toronto event will take place on the 15th and 16th of August, with important announcements for Shibarium anticipated.
As the event date approaches, Shiba Inu's marketing staff is working hard to generate anticipation. LUCIE recently tweeted about Shibarium's goal and how the blockchain intends to include Self-Sovereign Identity (SSI) into its protocols.
According to the tweet, the incorporation of SSI is intended to improve Shibarium security. SSI gives users greater control over their digital identities by allowing them to securely manage and share their personal data.
As the enthusiasm grows, it will be fascinating to observe how SHIB and other tokens in the ecosystem respond in the next days.